SIVANCO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SIVANCO
Largest movements
- Receivables within one year +€97,642
up €97,642 (+21.3%), from €459,424 to €557,067
of which Trade receivables: +€89,333
- Cash -€63,333
down €63,333 (-58.0%), from €109,281 to €45,948
mainly Receivables within one year (-€97,642) and Net result for the year (-€72,981)
- Stocks and contracts -€18,891
down €18,891 (-8.0%), from €235,769 to €216,878
- Trade debts +€145,597
up €145,597 (+100.8%), from €144,392 to €289,989
- Reserves -€72,981
down €72,981 (-18.4%), from €397,227 to €324,246
- Short-term financial debts -€71,149
down €71,149 (-34.7%), from €205,085 to €133,936
- Accrued charges and deferred income +€17,771
up €17,771 (+241.2%), from €7,368 to €25,139
- Gross operating margin -€49,282
down €49,282 (-39.2%), from €125,572 to €76,290
- Write-downs +€27,649
up €27,649, from -€7,756 to €19,893
- Staff costs +€27,524
up €27,524 (+47.4%), from €58,048 to €85,571
- Taxes -€12,133
no longer reported in 2025 (was €12,133)
- Other operating charges +€6,948
up €6,948 (+112.2%), from €6,195 to €13,142
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €851,204 | €860,144 | +€8,940 | +1.1% |
| Fixed assets | 21/28 | €38,753 | €31,800 | -€6,953 | -17.9% |
| Tangible fixed assets | 22/27 | €35,038 | €31,800 | -€3,238 | -9.2% |
| Plant, machinery and equipment | 23 | €1,660 | €4,804 | +€3,144 | +189.4% |
| Furniture and vehicles | 24 | €5,096 | €5,789 | +€693 | +13.6% |
| Leasing and similar rights | 25 | €28,283 | €21,207 | -€7,075 | -25.0% |
| Financial fixed assets | 28 | €3,715 | - | -€3,715 | |
| Current assets | 29/58 | €812,450 | €828,344 | +€15,893 | +2.0% |
| Stocks and contracts in progress | 3 | €235,769 | €216,878 | -€18,891 | -8.0% |
| Stocks | 30/36 | €235,769 | €216,878 | -€18,891 | -8.0% |
| Amounts receivable within one year | 40/41 | €459,424 | €557,067 | +€97,642 | +21.3% |
| Trade receivables | 40 | €429,338 | €518,670 | +€89,333 | +20.8% |
| Other amounts receivable | 41 | €30,087 | €38,396 | +€8,309 | +27.6% |
| Cash at bank and in hand | 54/58 | €109,281 | €45,948 | -€63,333 | -58.0% |
| Deferred charges and accrued income | 490/1 | €7,976 | €8,451 | +€475 | +6.0% |
| Total equity and liabilities | 10/49 | €851,204 | €860,144 | +€8,940 | +1.1% |
| Equity | 10/15 | €423,714 | €350,733 | -€72,981 | -17.2% |
| Contributions | 10/11 | €26,487 | €26,487 | = | 0.0% |
| Reserves | 13 | €397,227 | €324,246 | -€72,981 | -18.4% |
| Distributable reserves | 133 | €397,227 | €324,246 | -€72,981 | -18.4% |
| Amounts payable | 17/49 | €427,490 | €509,411 | +€81,921 | +19.2% |
| Amounts payable after more than one year | 17 | €21,611 | €14,523 | -€7,088 | -32.8% |
| Financial debts | 170/4 | €21,611 | €14,523 | -€7,088 | -32.8% |
| Amounts payable within one year | 42/48 | €398,511 | €469,749 | +€71,238 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €6,771 | €7,088 | +€316 | +4.7% |
| Financial debts | 43 | €205,085 | €133,936 | -€71,149 | -34.7% |
| Credit institutions | 430/8 | €205,085 | €133,936 | -€71,149 | -34.7% |
| Trade debts | 44 | €144,392 | €289,989 | +€145,597 | +100.8% |
| Suppliers | 440/4 | €144,392 | €289,989 | +€145,597 | +100.8% |
| Advances received on contracts in progress | 46 | €48 | - | -€48 | |
| Taxes, remuneration and social security | 45 | €39,942 | €35,030 | -€4,912 | -12.3% |
| Taxes | 450/3 | €37,036 | €33,336 | -€3,699 | -10.0% |
| Remuneration and social security | 454/9 | €2,906 | €1,694 | -€1,212 | -41.7% |
| Other amounts payable | 47/48 | €2,273 | €3,706 | +€1,433 | +63.0% |
| Accrued charges and deferred income | 492/3 | €7,368 | €25,139 | +€17,771 | +241.2% |
| Remuneration, social security and pensions | 62 | €58,048 | €85,571 | +€27,524 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,586 | €11,502 | +€917 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,756 | €19,893 | +€27,649 | |
| Other operating charges | 640/8 | €6,195 | €13,142 | +€6,948 | +112.2% |
| Non-recurring operating charges | 66A | - | €5,217 | +€5,217 | |
| Gross operating margin | 9900 | €125,572 | €76,290 | -€49,282 | -39.2% |
| Operating profit (loss) | 9901 | €58,500 | -€59,036 | -€117,537 | |
| Financial income | 75/76B | €5,348 | €1,051 | -€4,296 | -80.3% |
| Recurring financial income | 75 | €130 | €1,051 | +€921 | +707.2% |
| Non-recurring financial income | 76B | €5,217 | - | -€5,217 | |
| Financial charges | 65/66B | €21,063 | €14,996 | -€6,067 | -28.8% |
| Recurring financial charges | 65 | €11,476 | €14,996 | +€3,520 | +30.7% |
| Non-recurring financial charges | 66B | €9,587 | - | -€9,587 | |
| Profit (loss) for the period before taxes | 9903 | €42,785 | -€72,981 | -€115,766 | |
| Income taxes | 67/77 | €12,133 | - | -€12,133 | |
| Profit (loss) for the period | 9904 | €30,652 | -€72,981 | -€103,633 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,652 | -€72,981 | -€103,633 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.